The capital accounts of Trent Henry and Paul Chavez have balances of $140,000 and $90,000, respectively LeAnne Gilbert and Jen Faber are to be admitted to the partnership Gilbert buys onefifth of Henrys interest for $30,000 and onefourth of Chavezs interest for $20,000 Faber contributes $75,000 cash to the partnership, for which she is to receive an ownership equity of $75,000 Required A On December 31, journalize the entries to record the admission of (1) Gilbert and (2) Faber Refer to the Char

Answer rating: 100% (QA)

Trent Henry and Paul Chavez All amounts in A December 31 Trent Henry Capital Ac DR 28000 ... View the full answer